According to IFR, Xiaohongshu(RED) plans to raise $500 million to $1 billion in a U.S. IPO around midyear.

The Chinese social media and e-commerce startup that owns about 300 million registered users is working with Goldman Sachs and Morgan Stanley on the planned IPO and has secretly filed for a U.S. listing, people familiar with the matter said.

Backed by Alibaba and Tencent Holdings, Xiaohongshu reportedly raised $400 million to $500 million in a private funding round in January 2020, bringing its valuation to about $6 billion.